The Global Oil Market and the Invasion of Ukraine
The Global Oil Market and the Invasion of Ukraine

Author(s): Zuzanna Nowak
Subject(s): Politics, Supranational / Global Economy, Energy and Environmental Studies, Environmental and Energy policy, Russian Aggression against Ukraine
Published by: PISM Polski Instytut Spraw Międzynarodowych
Keywords: Ukraine; war; oil; energy; prices; global economy;
Summary/Abstract: Russia’s invasion of Ukraine has had the knock-on effect of a sudden increase in oil prices on the world market and OPEC+ countries have not yet been willing to respond to increase supplies. In an effort to limit Russia’s budget revenues from the oil trade, Canada, the U.S. and, the United Kingdom have embargoed Russian crude. While the EU has not joined them, the effects of the rapid changes in the oil market, European consumers will see sharp increases in the prices of goods and services with the European economy potentially slipping into stagflation.

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